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A federal judge has sentenced an investment firm owner to 10 and a half years in prison for a scheme that cost victims more than $6 million.

"This scheme defrauded people throughout the Acadiana area, including residents of St. Landry Parish," said U.S. Attorney Stephanie A. Finley.

She said U.S. District Judge Richard T. Haik this week sentenced Richard Joseph Buswell, 46, of Lafayette, for one count of wire fraud.

The judge also sentenced Buswell to three years of supervised release and ordered him to pay a $125,000 fine and $6,380,808.03 in restitution to victims of the scheme.

From 2006 to 2009, Buswell worked as a licensed stockbroker in Lafayette for his company, Bowman Investment Group LLC. He used Brookstone Securities of Lakeland, Florida, as the company's broker dealer.

"Buswell engaged in frequent and excessive stock trades in order to earn commissions," Finley said. "He also placed his clients into high risk products when the clients did not meet the requirements under federal security laws, rules and regulations."

To do this, she said, Buswell falsified account applications concerning net worth and other client information so his clients would appear to meet the requirements.

"As a result of these practices, Buswell received more than $1.7 million in commissions from Brookstone during 2008 and 2009. When the investments failed to produce a profit, clients lost more than $6 million," Finley said.

"The defendant in this case misled investors who put their trust in him solely so that he could enrich himself illegally," she added. "He spent, in some cases, his clients' life savings leaving them with nothing or in debt."

"I hope this sentence serves as a warning to those who are thinking about stealing from their customers. This office will continue to prosecute those who put their greed before the interests of well-meaning investors," Finley said.

She said this is the second conviction in connection with this scheme.

Co-defendant Herbert S. "Steve" Fouke, 55, also of Lafayette, was sentenced in May to 30 months in prison and three years of supervised release for conspiracy to commit securities fraud, investment adviser fraud, wire fraud and mail fraud.

"He is jointly responsible with Buswell for paying restitution to the victims of the scheme," Finley said.

She praised the hard work of the FBI that conducted the investigation and Assistant U.S. Attorney Kelly P. Uebinger who prosecuted the case.